KWEICHOW MOUTAI(SH:600519) Xin Lang Cai Jing·2025-09-15 02:01Core Viewpoint - The price of Feitian Moutai has reached a new low, reflecting a significant decline in the high-end liquor market, with the company facing challenges in maintaining its performance amidst changing consumer trends and market conditions [1][4]. Price Trends - As of September 14, 2025, the wholesale reference price for 53-degree 500ml Feitian Moutai has dropped to 1770 RMB, a decrease of 10 RMB from the previous day, marking a new low since its listing [1]. - The price has fallen over 20% compared to the platform's initial pricing of 2220 RMB and 2255 RMB [1]. - On September 12, a double bottle of Feitian Moutai was priced at 3400 RMB on Pinduoduo, equating to 1700 RMB per bottle [2]. Company Performance - In the first half of 2025, Guizhou Moutai reported total revenue of 91.094 billion RMB, a year-on-year increase of 9.16%, and a net profit of 45.403 billion RMB, up 8.89% [4]. - Revenue from Moutai liquor reached 75.589 billion RMB, growing by 10.24%, while series liquor revenue was 13.763 billion RMB, increasing by 4.69% [4]. - Both product categories experienced a decline in gross margin, with decreases of 0.3 percentage points and 2.5 percentage points, respectively [4]. Market Strategy - Guizhou Moutai's board member Wang Li emphasized the company's commitment to long-term strategies in response to market uncertainties, focusing on optimizing market strategies and maintaining channel stability [2]. - The company has observed a significant recovery in terminal sales since August, indicating a positive trend leading into the traditional liquor sales season during the Mid-Autumn Festival and National Day [2].